Position Description: Secondary Market Assistant Department: Secondary Market Division: Lending FLSA Status: Non-exempt Location: Griffiss Revised: February 2015 1. Purpose: To support the Secondary Market Department by performing a range of support duties in a timely and accurate manner in accordance with procedures and standards established by the Secondary Market Manager and approved by the Chief Lending Officer. Work is subject to review and/or audit on a no-notice basis by Management, Supervisory Committee, auditors and/or regulatory examiners. 2. Responsibilities: Primary: A. Prepares packages for delivery to the Secondary Market, including putting documents in checklist order, scanning the file electronically and delivering the original note before the expiration date. B. Enters data for closed FHA/VA mortgages in appropriate system to generate the appropriate loan guarantee. C. Tracks post closing documents. Logs in received documents, copies and forwards completed post closing documents to the appropriate investor on sold FHA/VA mortgages. D. Verifies original paid notes received back from Fannie Mae/Freddie Mac have been paid off and shares with Manager, Secondary Market once verified. E. Registers closed FHA/VA mortgages in MERS online system. Transfers the MIN # to appropriate investor when the new investor purchases the FHA/VA mortgages. F. Files copies of post-closing documents into the member s closed loan file. Once all post closing documents have been received, this employee prepares and boxes files to be sent to Iron Mountain storage facility. G. Pays-off government loans when they are sold, by preparing the funding detail, making appropriate GL entries for posting and sending out good-bye letters. H. Transmits FHA Upfront MIP s and VA funding fees on closed government mortgages. Secondary: A. Serves as back-up for Secondary Market Specialist 1
a. Pulls trial balance of negative escrow accounts on Freddie Mac loans and makes needed adjusting entries to General Ledger and Custodial Accounts. b. Checks Fannie Mae custodial account and processes transactions through Fannie Mae s cash remittance system when the custodial balance is $2500 or greater. c. Runs a paid in full report on FICS and notifies (Quality, Integrity and Expertise) QIE Partners of any paid in full Freddie Mac loans. Upon receipt of Service Loans transmission from QIE Partners, remits funds to Freddie Mac using Service Loans. d. Performs Freddie Mac and Fannie Mae cutoffs. Forwards files to QIE Partners for Loan Level reporting. e. Using numbers supplied by QIE Partners, remits funds through Service Loans for Freddie Mac and Fannie Mae cash remittance system by the required deadlines. f. Transfers sold conventional loans to proper investor number for accounting purposes as well as notifying QIE Partners of the sold loans and keying appropriate G/L entries. TEAMWORK: Builds and maintains an effective working relationship with all peers. Coordinates and integrates departmental work activities with co-workers' work activities. Positively contributes to teams and other work groups to carry out departmental projects. PROJECT MANAGEMENT: Assists management with projects. Provides constructive input into the Action Plan Process to facilitate project planning and implementation. Assists in the identification of resources required, costs, benefits, timelines, implementation schedules, and evaluation. FINANCIAL MANAGEMENT: Supports and operates within departmental budget in cooperation with co-workers. Is familiar with departmental budget operating reports and variance reports. STAFF DEVELOPMENT: Attends workshops, seminars, or other developmental opportunities as identified to improve individual and or team performance. PROFESSIONAL DEVELOPMENT: Monitor and identify personal/ professional development needs and maintains capabilities consistent with the organization s philosophy and values through special project assignments, technical workshops and seminars; reading, reflection, course work, and management development opportunities and activities. PERFORMANCE MANAGEMENT: Positively contributes to the performance management process by setting goals, completing the self-evaluation and actively participating in quarterly performance management feedback sessions. E-COMMERCE: Supports and operates within e-commerce strategy maximizing the use of technology whenever possible. Is familiar with technology applicable to the position and is proficient is using existing technology. Positively contributes to e- commerce activities by identifying processes or procedures that can be streamlines and/or automated. 2
COMMUNICATION: Actively participates in weekly staff meetings. Provides information to co-workers and manager/supervisor in a timely manner. Models communication actions consistent with department communication commitments. CORPORATE CITIZENSHIP: Represents the Credit Union at appropriate internal events, professional organizations, and community events/programs. COMPLIANCE: Acquires and maintains the necessary working knowledge of Federal and State laws and regulations and Credit Union bylaws and policies, in order to ensure compliance when selling Credit Union services and products. Work is subject to review and/or audit on a no-notice basis by Management, Supervisory Committee, auditors and/or examiners. PROFESSIONALISM: Must display a pleasant, professional manner and positive attitude on the job and follow guidelines established in the Credit Union's Policy Manual, including the Code of Ethics, Telecommunications Policy, dress code and attendance areas. SAFETY: Works safely and uses safety/ergonomic equipment provided. Reports defects in work area, or equipment promptly. Keeps equipment in proper working order to maintain a safe work environment. MISCELLANEOUS: Performs all other related duties as assigned. 3. Reports To: This position reports to the Manager, Secondary Market Division. The Secondary Market Specialist will direct workflow. 4. Qualifications: A. Must have an AAS degree in general business, accounting or equivalent experience. B. Must have one year of experience in a financial or mortgage setting. Mortgage experience preferred. C. Must be able to work independently with minimum supervision, be flexible, and detail oriented. Physical Requirements: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. How much on-the-job time is spent in the following physical activities? Standing 30-7 70-9 3
Walking Sitting Talking, Hearing Feeling, Grasping Climbing, Balancing Crouching, Crawling, Kneeling Reaching with Hands & Arms Tasting, Smelling Keyboarding / Data Entry Driving Does this job require that weight be lifted or force be exerted? Up to 10 pounds Up to 50 pounds Up to 100 pounds More than 100 pounds 30-7 70-9 Does this job have any special vision requirements? Looking at Computer Screen Color Vision (identify and distinguish colors) Peripheral, Depth Perception Ability to Adjust Focus 30-7 70-9 How much exposure does this job have to the following environmental conditions? Toxic Chemicals Moving Parts Electrical Shock Risk Explosives Fumes Blood, Body Fluids Extreme Heat (non-weather) Extreme Cold (non-weather) Severe Hot Weather Severe Cold Weather 30-7 70-9 4
How much noise is typical for this job s work environment? (Bold the text of your selection) Very Quiet Example: Forest trail, isolation booth for hearing test. Quiet Example: Library, private office. Moderate Noise Example: Business office w/ typewriters / printers, light traffic. Loud Example: Metal can manufacturing, large earth moving equipment. Very Loud Noise Example: Jack hammer work, front row rock concert. 5